Consumer Spending Falls For Record 6 Months Straight

By Ben PopkenFebruary 2, 2009

Consumer spending has fallen for a record 6 straight months in December, the worst since 1961. By all accounts, it’s slated to keep falling for more to come. Incomes fell for three straight months, the worst since 1954. On the plus side, consumer savings increased to 3.6% of their paychecks. Spending less and saving more, sounds like the frugality mantra is catching on. It means fewer jobs for dog-walkers in the short term but a healthier base for future growth down the road. [Bloomberg] (Photo: nsub1)